Millions of foreclosed homeowners will have a chance for payback as part of the legal agreement between the government and 14 lenders who broke various laws for handling mortgages.

CNN’s story sums it up well:

Homeowners whose lenders played fast and loose with their foreclosures may be in for a payday.

More than 4 million mortgage borrowers who were foreclosed on between 2009 and 2010 will have a chance to request an independent review of how their foreclosure process was handled…

The lenders, which include Bank of America, Chase, Citibank, GMAC, Wachovia, WaMu, and Wells Fargo were found to have forged signatures, created fake documents, and otherwise taken shortcuts to foreclosing on homeowners.

As part of a deal worked out with state and federal authorities, the lenders will review foreclosure cases from 2009 and 2010; borrowers who suffered “financial injury” from illegal foreclosures will receive compensation — although how much has yet to be determined.

Borrowers will be receiving letters explaining how to request a review of their cases. They can also visit independentforeclosurereview.com for information, or call (888) 952-9105.